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Hilton (NYSE: HLT) and Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc) today announced the signing of a 20-year extension to the current agreement to manage the iconic Transcorp Hilton hotel in Abuja. Credit: Hilton Hotels & Resorts

October 31, 2017

MCLEAN, Va. - Hilton (NYSE: HLT) and Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc) today announced the signing of a 20-year extension to the current agreement to manage the iconic Transcorp Hilton hotel in Abuja. The agreement will see Hilton manage the property until 2037. The hotel, which is a national landmark for having hosted countless heads of state and global events like the World Economic Forum on Africa, has been operated by Hilton since its opening in 1987.

Speaking at a signing ceremony in Washington DC, Chris Nassetta, Hilton's President and CEO, said: "We have an incredible partnership with the Transcorp team and we look forward to strengthening our relationship over the next 20 years. In keeping with our mission to be the most hospitable company in the world, I am delighted that we will continue to deliver our exceptional hospitality to guests at Hilton Abuja until at least 2037."

The award-winning 667-room hotel - one of the largest in sub-Saharan Africa - is currently undergoing a multi-million dollar renovation which will transform the property. The extensive refurbishment will continue the Transcorp Hotels legacy as the leading provider of hospitality in Nigeria.

Tony O. Elumelu, Chairman of Transcorp Plc, the largest listed conglomerate on the Nigerian stock exchange and owners of hospitality subsidiary Transcorp Hotels confirmed: "We are delighted to continue our long-standing owner-operator relationship with Hiton. Our investment in the renovation reflects our commitment to shaping Nigeria into a leading hospitality centre in the West Africa region and with Hilton as our operating partners, we are confident that we will continue to lead in the sector."

Hilton and Transcorp Hotels have two additional properties in the development pipeline. Furthermore, Hilton expects to open six hotels in the next six months across Africa, and open properties in 15 countries where it currently does not operate in the next three years.

Also at the signing ceremony, Valentine Ozigbo, CEO of Transcorp Hotels who leads the management of the relationship between the owners and Hilton, commended Hilton for their clear commitment to delivering excellence and restated the owners' commitment to continue to use technology and products to develop the hotel as a destination not just for high-end clientele, but also for those travelling to Abuja for business and leisure.

Hilton, which has more than 5,000 hotels globally, has had a continuous presence in Africa for more than 50 years, expects to more than double its current presence across the continent in the next five years.

Contacts:Daniel Forddaniel.ford@hilton.com+971 5 06524537

Alex Orakwusialex.orakwusi@transcorpnigeria.com +234 818 321 2325

About HiltonHilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,100 properties with nearly 838,000 rooms in 103 countries and territories. Hilton is dedicated to fulfilling its mission to be the world's most hospitable company by delivering exceptional experiences - every hotel, every guest, every time. The company's portfolio includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio Collection by Hilton, DoubleTree by Hilton, Tapestry Collection by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton Honors. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose exactly how many Points to combine with money, an exclusive member discount that can't be found anywhere else and free standard Wi-Fi. Visit newsroom.hilton.com for more information and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

About Transcorp Hotels PlcTranscorp Hotels Plc ("Company") is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The Company owns and operates Transcorp Hilton Abuja, which provides luxury accommodation, world-class cuisine, conferencing and leisure facilities to business travellers and tourists from all over the world. The Company also holds 100 per cent interest in Transcorp Hotels Calabar Limited, which owns and operates the Transcorp Hotel in Calabar. For more information please visit www.transcorphotelsplc.com and/or www.abuja.hilton.com. You can also follow Transcorp Hotels on social media; Twitter: @HiltonAbuja, Instagram: @HiltonAbuja and Facebook: @TranscorpHiltonAbuja